French bond yields climb after Berou becomes prime minister
Journalists work outside the Elysee Palace after French President Emmanuel Macron appointed centrist Francois Bayrou as prime minister in Paris on December 13, 2026.
Bertrand Gay | AFP | Getty Images
French government bond yields rose on Friday after French President Emmanuel Macron appointed François Bayrou as France’s new prime minister.
As of 12:13 noon in London, the French 10-year government bond yield rose 5 basis points to 3.017%, and the 2-year government bond yield rose 4 basis points to 2.192%.
Bayrou’s appointment on Friday marked the latest development in weeks of political turmoil in Paris after lawmakers opposed former Prime Minister Michel Barnier’s budget and ousted him.
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— Chloe Taylor
Novo Nordisk fell 2.6%
Ozempic and Wegovy containers seen at Children’s Hospital in Aurora, Colorado, on November 18, 2024.
Kevin Mohart | The Washington Post | Getty Images
Shares in Danish pharmaceutical giant Novo Nordisk hit the bottom of the Stoxx 600 on Friday, down 2.6% as of 11am London time.
Reuters Friday report Some British pharmacies say Eli Lilly and CompanyMounjaro’s Mounjaro has won up to 80% of new customers in the UK private obesity drug market. Novo Nordisk makes rival drug Wegovy.
Thursday, Novo Nordisk declare Following positive clinical trial results, the EU drug regulator will allow the company to add information to Wegovy’s label about reducing the risk of kidney disease-related events.
European healthcare stocks also fell on Friday after U.S. lawmakers introduced new legislation this week aimed at reforming the industry’s business model.
— Chloe Taylor
Euro rises against pound
this EUR Slightly higher GBP At 10:40 a.m. London time on Friday, it was up 0.5% and trading at about 83 pence. This marks the highest level for EUR/GBP this week.
Sterling fell against both the euro and the dollar on Friday morning after disappointing data showed the UK economy unexpectedly contracted in October.
— Chloe Taylor
UK consumer confidence remains weak, survey finds
Shoppers on Regent Street, London, UK, December 4, 2024.
Mike Camp | In Pictures | Getty Images
exist Latest updates According to its long-term consumer confidence index, GfK found that British consumers continued to take a cautious approach to spending in December.
December’s reading showed an increase of 1 percentage point, bringing the monthly score to -17 points, not far from the annual average of -18 points.
Elsewhere, however, there has been some significant improvement in sentiment, with consumers becoming more optimistic about the outlook for their personal finances over the next 12 months.
Neil Bellamy, director of consumer insights at NIQ GfK, said in a statement: “Consumer confidence is still far from strong, but there is still some room for optimism about personal finances over the next 12 months. “However, consumers are still concerned about big-ticket purchases and whether Will bring Christmas joy still think twice. ”
— Chloe Taylor
Munich Re raises profit target by 5%
Shares in reinsurance giant Munich Re rose 5.3% at 9:10 a.m. in London declare The net profit target for 2025 is 6 billion euros ($6.28 billion), and the group insurance revenue target is 64 billion euros under “continued favorable market conditions.”
The company is aim Profit in 2024 will reach 5 billion euros, and full-year results will be announced on February 26, 2025.
Munich Re share price
European markets edge lower
European stocks opened lower on Friday amid disappointing data from the UK and Germany.
As of 8:10 a.m. London time, the pan-European Stoxx 600 index fell 0.18%, with health care and mining stocks in negative territory.
Investors reacted to an unexpected contraction in UK GDP data for October, Germany’s main export data.
London’s FTSE 100 rose 0.1% shortly after the open, while Germany’s DAX also edged higher.
The pound was lower against the dollar, while the euro was little changed against the dollar.
— Chloe Taylor
UK economy shrinks for second month in a row
The UK economy unexpectedly shrank in October, data from the Office for National Statistics (ONS) showed.
The Office for National Statistics (ONS) predicts that gross domestic product will fall by 0.1% quarter-to-quarter. explain Officials on Friday attributed the downturn to lower production. Economists polled by Reuters expected GDP to grow 0.1% in October.
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-Chloe Taylor
CNBC Pro: Want to profit from the boom in emerging markets? Here are 2 of HSBC’s “best stock ideas” with over 50% upside potential
Resurgent consumer demand, improving economic growth and attractive stock market valuations have boosted the popularity of emerging markets (EM) this year.
HSBC remains committed to its “cautiously constructive” stance in 2025 as US President-elect Donald Trump prepares to return to office in January.
“There is no sugar-coating that tariffs and a strong dollar are downside risks,” the investment bank analysts said in revealing their best stock ideas.
Among their picks are two lesser-known names, both with over 50% upside potential.
CNBC Pro subscribers can read more here.
— Amala Balakrishna
European Markets: Here are the opening calls
European markets were poised to open lower on Friday as investors digested the European Central Bank’s latest interest rate cut, following a busy day for monetary policy.
IG data showed that the FTSE 100 index opened down 22 points to 8,287 points; Germany’s DAX index fell 35 points to 20,391 points; France’s CAC index fell 21 points to 7,400 points; Italy’s FTSE MIB index fell 38 points to 20,391 points. 34,7999 points.
— Karen Gilchrist
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